Why did Bush persist in pushing Fannie/Freddie to give loans to low-income/unqualified borrowers?
2004 GOP Controlled Congress. 2004 GOP POTUS. 2004 GOP had total control.
NEW YORK (CNN/Money) – Home builders, realtors and others are preparing to fight a Bush administration plan that would require Fannie Mae and Freddie Mac to increase financing of homes for low-income people, a home builder group said Thursday.
The National Association of Home Builders, along with the National Association of Realtors and the Mortgage Bankers Association, are drafting a letter to Alphonso Jackson, secretary of the Department of Housing and Urban Development (HUD), arguing that middle-income home buyers are the ones that will get hurt by the proposed plan, the NAHB told CNN/Money.
It was the build-up that finally exploded in 2007 to cause the global financial collapse.
Add the Bush out-of-control spending, $ 5.5 Trillion, 2 Wars, Medicare D…BOOM!!!
As the GOP always keeps saying, the DEMs were not in control of Congress so the DEMs couldn’t do anything to stop it.